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PAR Capital Management Portfolio holdings

AUM $3.45B
1-Year Est. Return 28.5%
This Fund
S&P 500
This Quarter Est. Return
+1.08%
1 Year Est. Return
+28.5%
3 Year Est. Return
+123.74%
5 Year Est. Return
+64.51%
10 Year Est. Return
+369.64%
AUM
$8.8B
AUM Growth
-$102M
Cap. Flow
+$55.2M
Cap. Flow %
0.63%
Top 10 Hldgs %
59.06%
Holding
91
New
6
Increased
22
Reduced
12
Closed
9

Top Buys

Rank Stock Value
1
UAL icon
United Airlines
UAL
+$242M
2
MCK icon
McKesson
MCK
+$79.6M
3
RRR icon
Red Rock Resorts
RRR
+$36.6M
4
STMP
Stamps.com, Inc.
STMP
+$25.3M
5
DY icon
Dycom Industries
DY
+$21.1M

Top Sells

Rank Stock Value
1
CI icon
Cigna
CI
+$214M
2
TRVG
trivago
TRVG
+$54.5M
3
GRUB
Just Eat Takeaway.com N.V. American Depositary Shares
GRUB
+$37.2M
4
WMB icon
Williams Companies
WMB
+$31.9M
5
MGM icon
MGM Resorts International
MGM
+$31.6M

Sector Composition

Rank Sector Weight
1 Industrials 42.58%
2 Consumer Discretionary 30.82%
3 Healthcare 12.3%
4 Communication Services 4.04%
5 Real Estate 2.3%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
UAL icon
1
United Airlines
UAL
$39.5B
$1.21B 13.79%
19,930,359
+3,635,648
+22% +$242M
EXPE icon
2
Expedia Group
EXPE
$37.1B
$1.12B 12.77%
7,808,983
-6,000
-0.1% -$889K
DAL icon
3
Delta Air Lines
DAL
$57.6B
$632M 7.18%
13,112,809
+47,000
+0.4% +$2.34M
MCK icon
4
McKesson
MCK
$104B
$580M 6.59%
3,776,200
+510,000
+16% +$79.6M
GRUB
5
DELISTED
Just Eat Takeaway.com N.V. American Depositary Shares
GRUB
$315M 3.58%
2,994,850
-363,650
-11% -$37.2M
LUV icon
6
Southwest Airlines
LUV
$22B
$315M 3.58%
5,625,200
+7,000
+0.1% +$393K
CI icon
7
Cigna
CI
$78.6B
$280M 3.19%
1,500,000
-1,200,000
-44% -$214M
BKNG icon
8
Booking.com
BKNG
$158B
$253M 2.87%
3,450,125
– –
CAR icon
9
Avis
CAR
$5.34B
$244M 2.77%
6,400,608
-140,000
-2% -$4.71M
BYD icon
10
Boyd Gaming
BYD
$6.72B
$241M 2.74%
9,256,701
– –
CZR icon
11
Caesars Entertainment
CZR
$6.07B
$192M 2.18%
7,474,779
– –
ALK icon
12
Alaska Air
ALK
$5.21B
$191M 2.17%
2,500,000
– –
GLPI icon
13
Gaming and Leisure Properties
GLPI
$13B
$171M 1.95%
4,646,797
– –
CHDN icon
14
Churchill Downs
CHDN
$6.16B
$168M 1.91%
4,878,990
– –
OC icon
15
Owens Corning
OC
$11.1B
$166M 1.89%
2,151,015
-293,747
-12% -$20.5M
HCA icon
16
HCA Healthcare
HCA
$90.5B
$159M 1.81%
2,000,000
– –
Z icon
17
Zillow
Z
$7.92B
$156M 1.77%
3,882,041
– –
SGI
18
Somnigroup International
SGI
$14.4B
$132M 1.5%
8,192,000
– –
HTZ
19
DELISTED
Hertz Global Holdings, Inc.
HTZ
$132M 1.5%
6,777,751
– –
TRIP icon
20
TripAdvisor
TRIP
$1.71B
$109M 1.24%
2,695,569
– –
ENT
21
DELISTED
Global Eagle Entertainment Inc.
ENT
$99.1M 1.13%
1,159,243
– –
MGM icon
22
MGM Resorts International
MGM
$11.8B
$96.6M 1.1%
2,962,700
-982,100
-25% -$31.6M
BRSL
23
Brightstar Lottery PLC
BRSL
$1.91B
$94.1M 1.07%
3,832,599
+93,823
+3% +$1.92M
CHGG icon
24
Chegg
CHGG
$118M
$92.6M 1.05%
6,241,298
– –
RRR icon
25
Red Rock Resorts
RRR
$3.85B
$91.4M 1.04%
3,948,000
+1,585,968
+67% +$36.6M
1
2 3 4

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PAR Capital Management's Q3 2017 Portfolio in Review

As of Q3 2017, PAR Capital Management held 91 positions worth $8.8B, down 1.1% from $8.9B the previous quarter. Its ten largest holdings account for 59% of the portfolio.

PAR Capital Management's Q3 2017 filing shows 6 new, 22 increased, 12 reduced and 9 closed positions. Its largest new stake was Advance Auto Parts: 125,000 shares worth $12.4M. The largest sale was Cigna, an estimated $214M.

By sector, the portfolio is most concentrated in Industrials at 43% of assets, up from 42% a quarter earlier, followed by Consumer Discretionary and Healthcare.

  • PAR Capital Management's largest Q3 2017 buy was Advance Auto Parts: 125,000 shares worth $12.4M.
  • PAR Capital Management added most to United Airlines in Q3 2017, an estimated $242M increase.
  • PAR Capital Management's biggest Q3 2017 reduction was Cigna, cutting an estimated $214M.
  • PAR Capital Management fully exited LendingTree in Q3 2017, selling an estimated $14.2M.
  • PAR Capital Management's ten largest holdings make up 59% of its $8.8B portfolio in Q3 2017.
  • PAR Capital Management opened 6 new positions and closed 9 in Q3 2017.
  • PAR Capital Management's portfolio value fell 1.1% quarter-over-quarter to $8.8B.

Based on PAR Capital Management's 13F filing for Q3 2017, filed 14 Nov 2017.